Tara's treasures has the following Trial Balance: Account Name Cash Debit Credit $50,000 Accounts Receivable $25,000...

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Tara's treasures has the following Trial Balance: Account Name Cash Debit Credit $50,000 Accounts Receivable $25,000 Land Interest Receivable Building Accumulated Dep-B Equipment $1,000 $346,000 $100,000 $10,000 $80,000 Accumulated Dep E $8,000 Accounts Payable $20,000 Unearned Revenue $50,000 Utility Payable $500 Stock $125,000 Retained Earnings $200,000 Dividends $10,000 Revenue $300,000 Salary Expense $25,000 Rent Expense $24,000 Utility Expense $10,000 Supplies Expense $4,500 Insurance Expense $20,000 Depreciation Expense $18,000 Total $713,500 $713,500 REQUIRED: Record the Closing Entries Update the Retained Earnings Balance in the Ledger Tara's treasures has the following Trial Balance: Account Name Cash Debit Credit $50,000 Accounts Receivable $25,000 Land Interest Receivable Building Accumulated Dep-B Equipment $1,000 $346,000 $100,000 $10,000 $80,000 Accumulated Dep E $8,000 Accounts Payable $20,000 Unearned Revenue $50,000 Utility Payable $500 Stock $125,000 Retained Earnings $200,000 Dividends $10,000 Revenue $300,000 Salary Expense $25,000 Rent Expense $24,000 Utility Expense $10,000 Supplies Expense $4,500 Insurance Expense $20,000 Depreciation Expense $18,000 Total $713,500 $713,500 REQUIRED: Record the Closing Entries Update the Retained Earnings Balance in the Ledger

Answer rating: 100% (QA)

Answer To record the closing entries and update the Retained Earnings balance in the ledger we need ... View the full answer